Does that really apply for crypto? For regular stocks it can have some correlation but for crypto? One of the things I check, is how often crypto pops up in thr mainstream news. Most of the times that is a sign that there will be an upwards trends as new people start buying it and afterwards it quite massively drops. This has been the case the last couple of times that we had price surges.
I believe you are in the market long enough to understand it. See your account's activity point, I knew you have been in this market some years already.
"Buy the rumor, sell the news".
"Being greedy when others are fearful; being fearful when others are greedy".
These above statements are always true in all markets from stocks, gold to Bitcoin and cryptocurrency markets.
This chart of
Psychology of market cycles is true for all markets.